Participated · Equity · Dec 2018

Cavalcade Midstream is a newly formed, full-service midstream company based in San Antonio, Texas, focused on providing tailored midstream solutions through greenfield development and strategic M&A, initially in the Permian Basin. The company is led by founding partners Rich Reynolds (CEO), Hunter Thunell (President and Chief Commercial Officer), and Ross Dillon (COO), who previously worked together at NuStar Energy L.P. and have experience across the Permian and Eagle Ford basins and multiple product streams including crude oil, natural gas and refined products. Cavalcade intends to leverage the founders' operational, commercial and M&A expertise to execute greenfield projects and pursue strategic acquisitions. The company announced an initial equity commitment of $150 million from Pearl Energy Investments, Old Ironsides Energy and NGP to support its launch and early activities. Pearl and NGP bring institutional capital—Pearl with $1.2 billion of committed capital under management and NGP with approximately $20 billion of cumulative equity commitments—while Old Ironsides contributes energy investment experience. Norton Rose Fulbright served as legal advisor to Cavalcade and Thompson & Knight advised the investors. Cavalcade says the combination of its team and financial sponsors will enable it to provide creative, flexible and reliable midstream solutions for customers.